Electric Power Steering Market: Steering the Automotive Industry Towards Innovation

Electric Power Steering Market size was valued at USD 24.5 Bn. in 2021 and the total revenue is expected to grow at 5.7% of CAGR through 2022 to 2029, reaching nearly USD 38.17 Bn.

Electric Power Steering Market Overview:

The Electric Power Steering (EPS) Market achieved a remarkable valuation of US$ 24.5 billion in 2021, marking a significant milestone. Forecasts predict a robust Compound Annual Growth Rate (CAGR) of 5.7% through 2022 to 2029, aiming to reach an impressive total revenue of nearly US$ 38.17 billion. EPS emerges as a pivotal technology for highly autonomous driving, catering to a wide range of vehicles, from light commercial vehicles to small, mid-sized, and sports automobiles.

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Electric Power Steering Market Dynamics

1. Government Initiatives and Automotive Safety:

Increasing accident rates drive governments to enforce strict safety regulations, fostering the adoption of advanced automotive subsystems. The focus on automotive safety enhances the integration of sophisticated driver assistance systems and automated technologies. The report explores the functional safety standards of EPS, a fundamental system contributing to vehicle safety.

2. Steer-by-Wire Technology Adoption:

Major automakers, including Mercedes, Audi, BMW, and Tesla, are embracing steer-by-wire technology, eliminating mechanical linkages in steering systems. The transition to steer-by-wire opens avenues for advanced testing facilities in regions like Los Angeles and Washington D.C., where governments approve driverless cars with electric power steering.

3. PID Control Method for EPS Operational Enhancement:

Overcoming operational challenges, manufacturers focus on enhancing the ergonomics of EPS systems. The report highlights the potential of the Proportional-Integral-Derivative (PID) control method, offering real-time tracking capability and fast, accurate response capabilities for EPS systems.

Electric Power Steering Market Segment Analysis

Electric Power Steering Market by Type

Dried
Frozen
Refrigerated Liquid
Specialty Egg Products

Electric Power Steering Market by Product

Liquid Egg White
Liquid Egg Yolk
Whole Liquid Eggs
Liquid Egg Blends

Dried egg products, derived from liquid egg products with water removed through a drying process, are projected to dominate the market. Offering convenience and longer shelf life, dried egg products find applications as substitutes for fresh eggs in various bakery products.

Electric Power Steering Market by Application

Food Processing Industry
Bakery & Confectionery
Creamy Sauces
Ice Cream & Frozen Desserts
Mayonnaise
Noodles & Pasta
Salad Dressings
Others
Food Service Providers
Retail/Household
Convenience Stores
Discount Stores
Grocery Stores
Modern Trade
Online Retail
Specialty Food/Sports Stores
Wholesalers
Other Sales Channels

The food processing industry holds the largest market share for Egg Products in 2022 and is expected to maintain dominance. Eggs play a crucial role in providing structure, texture, and functional properties to a wide range of food preparations, making them indispensable in the industry.

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Who are Electric Power Steering Market Key Players?

1. Exelon Corporation
2. Duke Energy Corporation
3. Pacific Gas and Electric Company
4. Southern Company
5. American Electric Power
6. Edison International
7. Repsol
8. Brookfield Renewable Partners
9. Plug Power Inc.
10. Enphase
11. First Solar
12. Sunpower
13. Enel
14. Ørsted A/S
15. NextEra Energy, Inc

Table of content for the Electric Power Steering Market includes:

Part 01: Executive Summary

Part 02: Scope of the Electric Power Steering Market Report

Part 03: Electric Power Steering Market Landscape

Part 04: Electric Power Steering Market Sizing

Part 05: Electric Power Steering Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Electric Power Steering Market Regional Insights:

1. Asia-Pacific Reigns Supreme:

The Asia-Pacific region dominates the market with a 50% share in 2021, projected to witness substantial growth at a CAGR of 50%. Strong automotive industries in China, India, South Korea, and Japan contribute to the region's economic prosperity, fostering the demand for electric power steering systems.

2. Subsidies Propel Growth in Southeast Asia:

Initiatives such as subsidies for electric vehicles in Thailand and tax policies in Vietnam drive the expansion of the automotive sector. Subsidies encourage the adoption of electric power steering systems in EV vehicles, contributing to market growth.

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